Loot And Bloot: What To Know About Text-Based NFTs Seeing Strong Interest

The rise of NFTs in 2021 has seen a surge in profile picture projects offering exciting artwork to feature as a 1/1 unique identity on social media. The NFT script was flipped over the past week with the launch of two unique text-based NFT projects that saw huge interest and sales, which could be the beginning of a new creator trend.

Loot Launches: On Aug. 27, Vine co-founder Dom Hofmann tweeted the launch of a text-based NFT project called Loot (for Explorers). The project was free to mint minus the cost of gas and based on the Ethereum (CRYPTO: ETH) platform.

“Loot is the unfiltered, uncensorable building block for stories, experiences, games and more in the hand of the community, at no cost,” the Loot website says.

Loot offers text-based lists of eight items that could become part of a yet-to-be-built game. Hofmann called the launch “a weird experiment” at launch and compared the style of the game to the popular Dungeons & Dragons series.

Owners of Loot got 10,000 AGLD for free, a cryptocurrency that was claimable with the cost of gas.

Loot owners could also mint additional free projects including the Name NFT.

The idea is that a game developer or member of the community could turn the NFT lists into a game.

Loot drew praise from Ethereum creator Vitalik Buterin.

“I think the Loot Project philosophy has it right: pretty much anything that anyone creates ‘exists,’ what matters is to what extent other people build upon it,” Buterin tweeted.

Loot was the top NFT project of the last week in sales volume tracked by CryptoSlam. The project has over 59,000 ETH in sales volume since launch, according to OpenSea. The cheapest Loot is listed for 8.5 ETH at the time of writing, or around $29,399.

Bloot Launches: Bloot (not for the weaks) was launched shortly after Loot and came from a team that included Pixel Vault investor and advisor Beanie. The project was inspired by Loot and contained some more colorful items on its list of character items including “cock rings” and “ball gags.”

Shortly after Bloot launched, a huge community of owners and members of the Discord created additional projects that were given to Bloot owners for free.

Owners of Bloot received 10,000 BGLD coins. BGLD hit a value of over $1.10 each, which made the free item worth more than $10,000. The current price of BGLD is $0.366 each and has a market capitalization of $32 million.

“48 hours into Bloot, I’ve seen dozens of projects built off it already. Most of them free claims for Bloot and $BGLD holders,” Beanie tweeted. 

“You simply own a Bloot and you get free drops. This business model is sustainable as long as Bloot keeps selling in the market and earning royalties for the team.”

Bloot has over 7,000 ETH in sales volume since launching, according to OpenSea. The project hit a floor price of over 2 ETH before falling to a current floor price of 0.68 ETH at the time of writing.

Related Link: Top 10 NFT Projects By Weekly Sales Volume: Loot Leads Way, PUNKs, VeeFriends, Doge Pound Gain 

War Between Loot and Bloot: Owners and followers of the two projects have been rumored to be at war by several media outlets.

Beanie shared on Twitter that there is no bad blood between the two.

“There’s no ‘war with Loot.’ I have lots of respect for @dhof the Loot dev. He’s spoken on my Twitter Spaces before. Bloot is inspired by Loot,” Beanie tweeted.

Beanie said that multiple projects can succeed, including Loot and Bloot.

What’s Next: Since launching, Loot and Bloot have provided additional value to their owners via more NFTs and cryptocurrency. Both have exciting things in store and could bring additional value.

“In case anybody is interested I will make it my life mission to integrate $BGLD into everything I do in crypto,” Beanie tweeted. “As a payment option, as lending collateral, for staking to earn other NFTs.”

The business model of minting for free and collecting royalties from sales could be a model that others adopt. It could also be the method for future drops for items under the Beanie umbrella of NFTs.

“This is meta and it’s happening soon with Pixel Vault. You can thank me later for talking Gfunk into it,” Beanie tweeted of the Pixel Vault founder.

While many NFT projects have functioned under a mint pricing model, the success of Loot and Bloot could have NFT projects questioning their business model of providing upfront items for free and gaining on the secondary sales royalties.

In an article from TechCrunch, it was suggested a community could be built on a universe launched by Loot and Bloot, giving away intellectual property for more involvement from owners.

Photo by Alexandra on Unsplash